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HKMA and SFC commit to standards on FMIs

25 April 2013

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The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) have jointly announced their commitment to comply with the new international regulatory standards on financial market infrastructures (FMIs). The new standards are contained
in a report “Principles for financial market infrastructures” (PFMIs), issued jointly by the Committee on Payment and Settlement Systems (CPSS) of the Bank for International Settlements and the International Organization of Securities Commissions (IOSCO) in
April 2012. The FMIs overseen by the HKMA are those systems designated under the Clearing and Settlement Systems Ordinance and the trade repository established and operated by the HKMA. The FMIs overseen by the SFC are clearing houses recognized under the
Securities and Futures Ordinance. Both the HKMA and the SFC will implement the PFMIs within their respective regulatory frameworks through their regulatory guidelines.

The Swiss National Bank has issued a consultation paper to revise the National Bank Ordinance to implement the CPSS and IOSCO international standards for FMIs and create a legal and regulatory framework for central counterparties (CCPs) in Switzerland that
is equivalent to the EU. This is a prerequisite for Swiss CCPs being able to offer their services in the EU. Comments are required by 3 May 2013.